British Columbia · Receivership (court-appointed)
Receiver's First Report to Court, filed July 30, 2020
Court officer report · 30 July 2020
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- secured creditorsnote: Principal/first-ranking secured creditor; Receiver's counsel (Lawson) opined security is valid and enforceable and ranks ahead of unsecured creditors and any subsequently appointed trustee in bankruptcy (Security Opinion); interest continues to accrue on the balance · page: 3 · as of: 2020-01-21 · amount: 6559719 · debtor: Grabher's Last Stand Bison Ranch Ltd. · creditor: The Bank of Nova Scotia (BNS) · currency: CAD · security: General security agreement dated 2017-07-27; collateral mortgage registered 2017-08-01 (registered amount unspecified); personal guarantees of Dwayne Grabher and Chelsea Fouillard; purchase money security interest in 2011 John Deere 350G excavator
- secured creditorsnote: Initially asserted priority to $22,827 net auction proceeds from VJV sale; Farm Credit Canada's own counsel subsequently determined BNS had priority, and proceeds were paid to BNS on 2020-02-24 — effectively subordinated/no recovery · page: 9 · debtor: Grabher's Last Stand Bison Ranch Ltd. · creditor: Farm Credit Canada · currency: CAD · security: Asserted claim/security interest over proceeds of pre-receivership auction sale of ~63 head of bison
- secured creditorsnote: Lien registered after BNS collateral mortgage and therefore subordinate/ranks behind BNS security; $29,000 of a later $33,200 payment from the Receiver was applied against this outstanding balance · page: 12 · as of: Date of Receivership · amount: 109962 · debtor: Grabher's Last Stand Bison Ranch Ltd. / Dwayne Grabher · creditor: 1050311 B.C. Ltd. dba HAAB Homes · currency: CAD · security: Builder's lien registered against the land on which the partially constructed House is situated (filed 2019-09-10)
- secured creditorsnote: Individual amounts not stated; all registered after the BNS collateral mortgage and therefore subordinate to BNS with respect to proceeds from sale of the Ranch Property · page: 19 · debtor: Grabher's Last Stand Bison Ranch Ltd. · creditor: Various builder's lien claimants (Builder's Lien Claims) · currency: CAD · security: Builder's liens registered against the Ranch Property from June 2019 through January 2020
- secured creditorsnote: Receiver disclaimed its interest in the majority of the leased equipment after determining no residual equity remained after finance lease payout amounts and disposal costs · page: 19 · debtor: Grabher's Last Stand Bison Ranch Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase money security interests in equipment leased by GLS
- secured creditorsnote: Regulatory/statutory lien claim relating to period ending on the Date of Receivership; under review by Receiver, funds being held in trust pending outcome · page: 19 · as of: Date of Receivership · amount: 1375.77 · debtor: Grabher's Last Stand Bison Ranch Ltd. · creditor: WorkSafeBC · currency: CAD · security: Statutory lien on all property or proceeds of property used or produced by GLS (WorkSafeBC Lien)